Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6232. The short-term trend is still downward. The major 22-day trading range (re-distribution) support at the level of 1.6150 was finally broken. In the H4 time frame, our strong support area between the levels of 1.6150 and 1.6240 now became strong resistance. Watch for potential selling opportunities. The support level is found at 1.6085. If the price breaks the level of 1.6085 in a high volume, it will confirm the further downward continuation and potential testing of the level at 1.5730.

According to the Wyckoff research i wrote major points:

SC - Selling climax

AR - Automatic rally

ST - Secondary test

UT - Up thrust

UTAD - Up thrust after distribution

LPSY - Last point of supply

SOW - Sign of weakness

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6175

R2: 1.6195

R3: 1.6235

Support levels:

S1: 1.6100

S2: 1.6080

S3: 1.6045

Trading recommendations : Intraday selling opportunities are preferable. The first support level is found at 1.6085. According to the daily time frame, the profit level is seen at 1.5720.